LONDON, May 29, 2023 /PRNewswire/ -- Cardiovascular diseases affect millions of people worldwide. Heart failure and cardiac arrest have emerged as grave concerns, with the highest mortality rates globally. These conditions are indeed posing a threat to our lives and need utmost attention and resources. A wide array of devices, therapies, and medications have been developed for the diagnosis, monitoring, and treatment of such diseases. Coronary stents are a remarkable invention in this sector. These tiny and expandable mesh tubes are equipped with the ability to restore blood and support arterial walls. They are inserted into blocked or narrowed coronary arteries. Patients with coronary artery disease are often recommended to use these stents instead of open-heart surgeries. These stents not only alleviate symptoms like chest pain but also decreases the risk of heart attacks.
The market research report on Coronary Stents Market by Brandessence Market Research offers valuable insights into the various aspects which are influencing the ongoing industry trends. Growth drivers, restraints, opportunities, and challenges of this business space are well explained in this document. It provides a deep dive assessment of the key segments, geographies, and top players in terms of revenue, growth trends, and strategies, among others. This report is specifically curated with an aim to equip the industry participants with extensive knowledge about this market. This in turn will help them to enhance their revenue streams.
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Elaborating The Key Trends and Dynamics of Coronary Stents Market
Growing prevalence of cardiac ailments, surge in the geriatric population base, and escalating demand for minimally invasive treatment procedures are primarily aiding the market expansion. Also, rise in the geriatric population base, excessive smoking and alcohol intake, and technological innovations in the field are creating lucrative opportunities for this business sphere to prosper. Moreover, increased R&D investments coupled with rising product approval rates are adding momentum to the progression of this industry vertical.
Major Growth Drivers
Rising pervasiveness of coronary arterial disease- There is an increased prevalence of coronary arterial disease across the globe. This is due to the unhealthy lifestyle trends, surge in the geriatric population base, and genetic factors, among others. People with this condition are highly prone to heart attacks and failures since the blood flow into their heart is prevented due to arterial blockage. This has accelerated the demand for coronary stents across the globe.
Demand for non-invasive treatments- Patients with heart diseases were usually required to undergo open heart surgeries. This came with a lot of risk with lower success rates. But, with rapid technological intervention, products like coronary stents have revolutionized the medical sector. People with coronary heart diseases can lead a normal life with the help of these stents since they can ensure normal heart functioning without the need of invasive surgeries. These factors together are stimulating the overall dynamics of this market.
Presence of substitute treatments- Coronary stents are expensive in nature and come with the risk of side effects. Many a times, patients and healthcare providers may opt for medicines and certain therapies instead of using these stents. This in hindering the remuneration scope of this business sphere.
Competitive Landscape of Coronary Stents Market
The prominent players defining the competitive terrain of this industry vertical are Cardinal Health, Cook, Meril Life Sciences Pvt. Ltd., Vascular Concepts Limited, Medtronic Plc, Boston Scientific Corporation, Biosensors International Group Ltd., Biotronik Se & Co., Braun Melsungen Ag, Terumo Corporation, Stentys Sa, MicroPort Scientific Corporation, Translumina, Elixir Medical Corporation, and BD.
By stent type, the drug eluting stent segment is expected to amass notable gains over 2022-2029. This is attributable to the fact this these stents ensure better treatment results as compared to its counterparts.
Based on deployment, the self-expandable stents segment is likely to garner significant returns over the stipulated timeline. This is ascribed to their flexibility, adaptability, and procedural efficiency.
In terms of end user, the hospitals & ambulatory surgical centers segment is reckoned to grow exponentially. This is due to the presence of proper infrastructure and skilled medical professionals across hospitals.
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Geographical Analysis and Landscape
The industry in MEA is expected to showcase tremendous growth in terms of volume share. This is credited to the rising prevalence of coronary heart diseases, unhealthy lifestyle trends, and widespread developments in the healthcare infrastructure. Besides, favourable medical reimbursement scenario and surge in the geriatric population base are adding traction to the development of this industry sphere.
Europe is projected to showcase an upward trend in the market over 2022-2029. This is attributable to the rising healthcare expenditure, growing R&D investments, escalating demand for minimally invasive medical procedures due to lower associated risks. Alongside, presence of prominent players and increase instances of product approvals are supporting market growth in this region.
Opportunities in This Market
Increase in the elderly populace- The geriatric population is highly susceptible to cardiovascular diseases. With age, our immune system weakens preventing the normal functioning of various organs like heart. Apart from that, life-style diseases are also common in elderly individuals which in turn may lead to the onset of cardiac ailments. This in turn is bolstering the development of this marketspace.
Major Developments in Coronary Stents Market
In 2020, Medtronic, a leading medical technology company, acquired EPIX Therapeutics, a privately held company specializing in the development of cardiac ablation systems for the treatment of cardiac arrhythmias.
In 2017, Becton, Dickinson and Company (BD), a global medical technology company, acquired C. R. Bard, a company known for its diverse portfolio of medical devices, including cardiovascular products.
Porter's Five Forces Analysis
Threat of New Entrants: The threat of new entrants into the coronary stents market is relatively low. The industry requires substantial investment in research and development, clinical trials, and regulatory approvals. Additionally, established companies have intellectual property rights, extensive distribution networks, and strong relationships with healthcare providers, making it challenging for new entrants to gain market share. However, technological advancements and regulatory changes could potentially lower barriers to entry, increasing the threat in the future.
Bargaining Power of Suppliers: In the coronary stents market, the bargaining power of suppliers is moderate. Suppliers of raw materials, such as metals and polymers used in stent manufacturing, may have some leverage, particularly if they possess unique or patented materials. However, the presence of multiple suppliers and the ability of manufacturers to switch suppliers mitigate this bargaining power to some extent. Additionally, manufacturers often engage in strategic partnerships and long-term contracts to secure the necessary supplies.
Bargaining Power of Buyers: Buyers in the coronary stents market, including hospitals, healthcare providers, and purchasing groups, have moderate to high bargaining power. The market is characterized by intense competition, and buyers have multiple options to choose from. They can negotiate prices, terms, and conditions with manufacturers, especially when purchasing in bulk. Buyers are increasingly focused on cost-effectiveness, patient outcomes, and the overall value provided by stents, which influences their bargaining power.
Threat of Substitutes: The threat of substitutes in the coronary stents market is relatively low. While alternative treatments, such as medication or lifestyle changes, can be considered for some patients with milder conditions, coronary stents remain the primary and most effective intervention for significant coronary artery disease. The superior outcomes, immediate relief of symptoms, and long-term benefits offered by stents make them a preferred choice over substitutes.
Competitive Rivalry: The competitive rivalry within the coronary stents market is high. Numerous global and regional players compete to gain market share. Differentiated product offerings, pricing strategies, brand reputation, and relationships with healthcare providers are key determinants of competitiveness. Companies invest heavily in research and development to introduce new stent designs, technologies, and bioresorbable options. Competitive intensity drives innovation, quality improvements, and cost optimization.
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